"For the moment, mortgage rates are holding nearer to 2014 lows than highs," he said. "As the effects of winter weather begins to wear off, and if a peaceful solution can be found to quell the unrest in the Ukraine, mortgage rates can be expected to firm up again."

3 reasons to ignore the bad housing news

Cheap mortgages are a bonanza for buyers. At 4.28%, mortgage payments on a $200,000 loan come to just $987 a month. At a historically more normal (but still reasonable) rate of 6%, the payment would be about $1,200.